Van ECK Associates Corp Buys 2,318 Shares of Kinetik Holdings Inc. (NASDAQ:KNTK)

Van ECK Associates Corp increased its stake in Kinetik Holdings Inc. (NASDAQ:KNTK) by 19.6% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 14,143 shares of the company’s stock after purchasing an additional 2,318 shares during the quarter. Van ECK Associates Corp’s holdings in Kinetik were worth $586,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. American Financial Group Inc. grew its position in Kinetik by 3.8% in the 1st quarter. American Financial Group Inc. now owns 13,500 shares of the company’s stock valued at $538,000 after purchasing an additional 500 shares during the period. Beach Investment Counsel Inc. PA acquired a new stake in Kinetik in the 2nd quarter valued at $27,000. Commonwealth Equity Services LLC grew its position in Kinetik by 3.8% in the 1st quarter. Commonwealth Equity Services LLC now owns 38,264 shares of the company’s stock valued at $1,526,000 after purchasing an additional 1,387 shares during the period. Ameritas Investment Partners Inc. boosted its holdings in Kinetik by 112.8% during the 1st quarter. Ameritas Investment Partners Inc. now owns 3,633 shares of the company’s stock worth $145,000 after acquiring an additional 1,926 shares during the last quarter. Finally, New York State Common Retirement Fund boosted its holdings in Kinetik by 11.5% during the 4th quarter. New York State Common Retirement Fund now owns 19,424 shares of the company’s stock worth $649,000 after acquiring an additional 2,004 shares during the last quarter. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Scotiabank lifted their price objective on shares of Kinetik from $42.00 to $48.00 and gave the stock a “sector outperform” rating in a report on Tuesday, July 2nd. Barclays reaffirmed an “equal weight” rating and set a $43.00 price objective on shares of Kinetik in a report on Wednesday, July 10th. Wells Fargo & Company lifted their price objective on shares of Kinetik from $37.00 to $40.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 14th. Finally, Royal Bank of Canada lifted their price objective on shares of Kinetik from $43.00 to $46.00 and gave the stock an “outperform” rating in a report on Thursday, August 15th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

Kinetik Stock Performance

Shares of NASDAQ:KNTK opened at $44.13 on Monday. The company’s 50-day moving average is $42.60 and its 200 day moving average is $40.07. The company has a market capitalization of $6.78 billion, a P/E ratio of 18.09, a price-to-earnings-growth ratio of 2.36 and a beta of 2.91. Kinetik Holdings Inc. has a fifty-two week low of $31.31 and a fifty-two week high of $45.60.

Kinetik (NASDAQ:KNTK) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.11. Kinetik had a negative return on equity of 48.16% and a net margin of 30.96%. The business had revenue of $359.50 million for the quarter, compared to analysts’ expectations of $305.94 million. During the same period in the previous year, the business posted $0.41 EPS. The firm’s quarterly revenue was up 21.4% compared to the same quarter last year. As a group, research analysts predict that Kinetik Holdings Inc. will post 1.39 earnings per share for the current year.

Kinetik Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 7th. Investors of record on Monday, July 29th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 6.80%. The ex-dividend date was Monday, July 29th. Kinetik’s dividend payout ratio is currently 122.95%.

Kinetik Company Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. The company operates through two segments, Midstream Logistics and Pipeline Transportation. It provides gathering, transportation, compression, processing, stabilization, treating, storage, and transportation services for companies that produce natural gas, natural gas liquids, and crude oil; and water gathering and disposal services.